Who wouldn’t want to have a stream of extra income? What a silly question, right? And yet relatively few people actually take advantage of all available market opportunities to make their wish come true. Take, for instance, the case of trading in cryptocurrencies.
Riding on the tails of exchange rate fluctuations makes it a perfect tool to earn a few extra bucks. But as attractive as the idea may be, many internet users admit that they lack the knowledge they believe is necessary to engage in this potentially lucrative activity. Despite the occasional negative media coverage of the crypto domain, the public interest in crypto trading is there and growing. But alas, the willingness to invest the time and effort may not always be.
Crypto exchanges, in their turn, would love to see an even greater number of retail customers. But engaging in public education and making their trading platforms approachable for rank and file users is not their business: ensuring the safety and security of their customers’ funds is, and that cannot happen at the expense of evangelizing.
This creates a sort of gap between the trading platforms and the public that both sides are keen to see closed. And it’s starting to happen: slowly but surely platforms are starting to crop up where you can see what stock Warren Buffet just bought, or which crypto coins your friends are looking at. The emergence of so-called Social Trading promises to be the start of a new era, in which users, instead of sharing pictures of their pets or memes, exchange and share their trading strategies and ideas, and those who are less knowledgeable can follow the advice of their peers.
Yet, here we have to consider another inherent problem of the crypto market: complete lack of trust. How can users know which people in their newsfeed are actual pros and which are just wannabe crypto influencers?
A young project FUMGO came up with an elegant solution to both problems at once: a social trading terminal designed for both the laypeople and the professional traders. The idea is quite simple: the terminal is a non-custodial subscription-based service designed to help newcomers grasp cryptocurrencies and start generating passive income, and a convenient place for professional traders to prove their worth and help others. It is also the first Binance DEX community-oriented and community-driven platform.
The problem of trust is addressed in the most straightforward way possible: it is eliminated. FUMGO carefully screens and rates its professional traders, and their track record is completely open and available for other users to view. The project is already up and running, and their rapidly growing community of users can take advantage of professional traders’ expertise by automatically mirroring their trading strategies, within their own customizable boundaries and limits.
FUMGO CVO and Co-Founder Anton Bartenev said,
“I’ve been trading in crypto for ages, and many of my friends wanted me to teach them, but despite my best efforts, most of my explanations didn’t work all that well: there are so many intricacies and pesky details about crypto trading that my friends, all very smart people, found themselves overwhelmed and confused. This is when I realized that the time was ripe to create a sort of “translation interface,” or a Facebook for trading – a place where ordinary people would be able to use an easy, intuitive interface to interact with others, follow proven trading strategies and hopefully make a little (or a LOT!) of pocket money.”
FUMGO CEO and Co-Founder Yehor Shyshov, stated,
“Although we originally intended to create an answer to specific individual needs, we believe that what we ended up producing has the potential to also promote the public good. Our terminal is bound to play an important role in educating the community and propelling the crypto market to a new level of awareness and mass adoption. And this is something we are all looking forward to.”
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